Building societies defend higher multiples

Building societies defend higher multiples

Britain’s building societies have defended their decision to offer mortgages with higher income multiples, despite criticism by the Bank Of England. Sam Woods, chief executive of the Prudential Regulation Authority (PRA) had warned that heightened competition pressures in the current mortgage war has led to lenders making ‘a material move up the risk curve’ by …

Lenders offering ‘irresponsible’ super-size mortgages

Lenders offering ‘irresponsible’ super-size mortgages

As Britain’s house prices continue to soar it has emerged that some lenders are offering mortgages for up to six times buyers’ salaries – a level branded ‘irresponsible’ and ‘alarming’ just before the housing crash of 2008. Top financial journalist Louise Eccles said: “First-time buyers are saddling themselves with record levels of debt as banks …

Equity release now topping £10 million a day

equity release tops £10 million a day

The boom in equity release is now topping £10 million a day across the UK. Figures from the Equity Release Council show that the amount of housing wealth being withdrawn has more than doubled in just two years.  In 2016 the daily figure was just £4.2 million a day.